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Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value
+577.8%
SEK 188.42
vs SEK 27.80 price
Levered DCF
SEK 344.72
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.62
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-64.31×-2.08×84.19×9.19×12.79×-28.4×9.72×15.15×
P/B0.81×0.44×0.43×0.45×0.69×0.67×1.06×0.74×
P/S0.36×0.21×0.23×0.26×0.43×0.38×0.52×0.35×
EV / EBITDA6.77×-11.31×5.71×4.1×5.63×11.59×5.94×6.76×
Gross margin35.2%32.3%34.2%34.3%35.1%31.3%34.0%34.7%
Operating margin2.9%-10.2%2.2%4.4%4.8%-1.4%7.4%4.6%
Net margin-0.6%-10.3%0.3%2.8%3.3%-1.4%5.3%2.3%
Current ratio0.92×0.98×1.17×1.26×1.22×1.14×1.06×1.02×
Debt / equity0.43×0.45×0.35×0.28×0.24×0.23×0.38×0.33×
Interest coverage2.62×-4.84×1.43×6×8.76×-2.5×10.65×11.79×
Dividend yield2.7%9.9%7.7%7.0%0.0%0.0%3.2%5.0%
Payout ratio-171.4%-20.6%650.0%65.0%0.0%0.0%31.1%75.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-1.3%-21.3%0.5%4.8%5.4%-2.4%11.0%4.9%
Return on invested capital-2.5%-12.7%1.1%4.3%4.5%-1.3%8.0%4.5%
Return on assets-0.6%-11.3%0.3%2.8%3.3%-1.4%5.8%2.7%
Free cash flow yield18.2%13.9%3.1%4.3%5.3%32.3%8.5%17.5%
Earnings yield-1.6%-48.2%1.2%10.8%7.8%-3.5%10.3%6.6%
Enterprise valueSEK 432.9MSEK 325.9MSEK 352.8MSEK 339.9MSEK 438.6MSEK 407MSEK 693.8MSEK 463.3M
Net debt / EBITDA1.84×-4.86×2.14×1.2×1.11×2.64×1.41×1.83×
Cash conversion cycle (days)-5889710491188476